US investors buy Ireland’s state fibre-optic network firm e|net

1 Oct 2013

Limerick-based e|net, the firm set up to manage the Irish Republic’s fibre-optic telecommunications network, has been purchased by a consortium of international investors with links to the world’s richest man Warren Buffett, for an undisclosed sum. e|net holds the contract to manage the state’s Metropolitan Area Network (MAN) programme across 94 cities and towns in Ireland, providing the infrastructure for broadband providers to improve their service offering to consumers, counting UPC Ireland, Vodafone Ireland and BT Ireland among its clients. The Irish company was founded by Limerick property developer Michael Tiernan and commenced trading in 2004. Having embarked on an EUR25 million (USD33.8 million), ten-year investment programme in broadband infrastructure in 2011, it reported an operating profit of EUR4.1 million in its latest accounts filing, for the period ending 30 April 2012.